Friday, May 24, 2013

UK firm promises Skype-style Bitcoin exchange

UK firm promises Skype-style Bitcoin exchange - nbutterfly labs jalapeno, asicminer, asic miner, butterfly labs, jalapeno bitcoin, bitcoin jalapeno, bitcoin asic, bitcoin miner, bitforce sc 5gh/s, bitcoin mining
Published On May 24, 2013 at 08:22 BST | By Danny Bradbury. We’ve had independent cryptocurrency exchanges, “roll-your-own” cloud-based exchange services … and now it looks as though we are heading towards complete decentralization.

Welcome to the Skype of bitcoin exchanges.

A new company is about to launch a service that it says will entirely decentralize alternative currency exchanges, making it practically impossible for regulators to shut them down. MetaLair — based in Sussex in the UK — will soon unveil an open-source software client that will serve as a cryptocurrency wallet and exchange client. While traditional exchanges need a back-end trading system, this won’t.

There have been very few other attempts at P2P bitcoin exchanges. Dark Exchange is a client that posts searchable bitcoin trade requests online. But the as-yet unnamed MetaLair product will apparently go far further. According to co-founder Jonathan Turrall, it will enable trading directly from one client to another, in any cryptocurrency, while also warding off the double-spending problem.

Turrall likened it to a Skype for cryptocurrency exchanges. Just as Skype decentralized the VoIP network, so this will fragment and distribute the exchange of cryptocurrencies. But unlike Skype, which is proprietary, this will be an open protocol, replicable by anyone.

Users will be able to exchange any cryptocurrency on the network without having it approved by an exchange, Turrall said. Currently, exchanges must approve the currencies that can be swapped on their network, leading to patchy – and in some cases nonexistent – exchange support for many alternative currencies. Incumbent Bitcoin exchange Mt. Gox is still mulling the inclusion of Litecoin, but there are many others (more, even, than listed here). Read more here:

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